Why have I received a Income Tax Notice ?
06-May-2023 (In Tax Law)
My father deposited more then 10 lakh in my saving bank account in 2015 nd now i have IT notice for the same..what to do now?
You have to maintain your books of account and income tax return and provide the proof for the income source of Rs 10 lakhs. If you are uncpabale to do that . Assessing office levied the penalty on you .
You have to file a return and shown it as a gift Uder 80c of incometax act 1961
You have to file a return and shown it as a gift Uder 80c of incometax act 1961
maybe this notice was not intended to sent to you but sent by default action of it authority kindly enquire about it and if the problem persists then tell them that you have already declared the amount as it was in your bank savings account, if the problem still persists you can file a case with nominal cahrges in income tax tribunal, against income tax commissioner. There are plenty of cases against income tax commissioner you can google it for further referrence.
As per IT act and CG rules if in any financial year any person recevied 10 lakh rupess or more in his account in cash then bank is under obligation to disclose the details of such person to IT Dept and on basis of that IT department send showcause notice to accountholder. Same as if any person purchase property and paid 30 lakh or more in cash then registrar under obligation to disclose the details of such person to IT Dept.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."